Types of Subsidiary Books - SS1 Accounting Past Questions and Answers - page 1
Which subsidiary book records all sales transactions made on credit?
Sales book
Purchase book
Return inward journal
Cash book
What does the petty cash book record?
All small cash payments made by the business
All cash transactions made by the business
All transactions made through the business's bank account
All goods returned by the business to its suppliers
Which subsidiary book records all transactions that do not belong in any of the other books?
Sales book
Petty cash book
Bank book
Journal proper
What does the return outward journal record?
All sales transactions made on credit
All purchases made on credit
All goods returned to the business by customers
All goods returned by the business to its suppliers
What is the purpose of the purchase book?
To record all sales transactions made on credit
To record all purchases made on credit
To record all cash transactions made by the business
To record all small cash payments made by the business
What is the difference between the return inward journal and the return outward journal?
he return inward journal records all goods returned to the business by customers, while the return outward journal records all goods returned by the business to its suppliers.
Why is the cash book an important subsidiary book?
The cash book records all cash transactions made by the business, providing a detailed record of the business's cash flow. This is important for financial planning and analysis.